Pitchstone Begins
Summer Drilling at Gumboot
Original Drilling
Plan Increased
Targets Include New
Uranium Discovery
Financing Oversubscribed
Pitchstone Exploration Ltd. (TSX-V: PXP; Pitchstone) announces that the 2009 summer drilling program on its 100% owned Gumboot property
has begun. Crews mobilized to the site mid-month and drilling began June 22. Gumboot is located
in the eastern Athabasca Basin,
Saskatchewan, about 20 kilometers
northwest of the Cigar Lake
uranium deposit. Increased
funding will allow for an expansion of the program to a minimum of six drill holes that
will test two priority target areas. A map showing the target areas is available at www.pitchstone.net.
Following Up New Uranium Discovery
At least three drill holes will target
a mineralized zone discovered
in March 2009 on the MJ-4 conductor. All five holes that previously
tested this area have intersected a thick zone of moderate to intense alteration in
proximity to the Athabasca
unconformity (see March 30,
2009 news release). In addition to uranium values to 2.06% U3O8,
Pitchstone encountered very high levels
of nickel (to 10.8%), cobalt (to 4.60%) and other pathfinder metals at Gumboot earlier
this year. The mineralization sits immediately above faulted basement graphitic gneisses, a common geological
setting for unconformity style mineralization
in the Athabasca Basin.
Gravity Survey Target
At least two drill holes will target
a gravity anomaly outlined during a survey completed in March 2009 (see May 6, 2009 news release). The target area is a large zone of low gravity where
it intersects the
projection of the alteration and the graphitic conductive zone, about
1.5 kilometers north of the
mineralized area. The gravity
low may indicate
alteration in Athabasca Group sandstone.
Steve
Blower, P.Geo., President of Pitchstone, is the Qualified Person for the purposes of NI 43-101 with
respect to the technical information in this news release. Sample preparation and analyses were done by SRC Geoanalytical Laboratories, Saskatoon.
A partial digestion with fluorimetric
analysis was used for initial uranium determinations,
and all samples containing greater than 100 ppm uranium were re-analyzed
with ICP. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality
control of the sample preparation
and analyses.
Financing
Due
to strong demand, Pitchstone has agreed to increase the financing announced on June 22, 2009 by
$100,000 to $600,000 or 1.5 million units.
The offering is fully subscribed.
About
Pitchstone
Pitchstone is
well funded and exploring for uranium in four proven
districts. The property portfolio features 12
projects in the eastern Athabasca
Basin, Saskatchewan, four
of which are 100% owned.
In addition, there are several
joint venture projects in the Hornby Bay Basin, Nunavut, an
exploration partnership in the Franceville Basin,
Gabon, and a joint venture on two projects in Namibia. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium
exploration and production experience.
On
behalf of the Board,
E.A.G.
(Ted) Trueman, CEO & Chairman
For further information contact Claire Stewart
at 604 630 5563, Mark T. Brown, CFO, at 604 687 3520, or visit www.pitchstone.net.
Claire Stewart
Office
Manager
Pitchstone Exploration Ltd.
315 -
1100 Melville Street
Vancouver
BC V6E 4A6
Ph.: 604
630-5563
Fax: 604
630-5564
e-mail: cstewart@pitchstone.net
www.pitchstone.net